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Selloff Pushes Bitcoin Price Below $20K

Other cryptocurrency collapses combine with worries about economy to shake market

(Newser) - Bitcoin has now lost 72% of its value from its high point in November, after the price dropped below $20,000 on Saturday. And Ether slipped below $1,000. The cryptocurrency selloff partly has been prompted by concerns—shared by stock traders—about inflation and the Federal Reserve's steps...

Economist Who Hates Crypto Recasts a 'Moon' Prediction

With market in free fall, Peter Schiff suggests a crash landing is coming

(Newser) - The stock market f ell into a bear market on Monday, but as badly as stocks are getting hammered, the cryptocurrency sector is getting hammered even harder. The fallout continued Tuesday, as Coinbase—the largest cryptocurrency exchange in the US—announced it was cutting 18% of its workforce, reports the...

Alleged PPP Fraudster Blew $2.5M on Cars, Crypto

Vinicius Santana of Florida allegedly bought 2 cars and a home with his $2.5M loan

(Newser) - Authorities say the former owner of a Massachusetts painting business fraudulently received $2.5 million in loans meant to assist small businesses during the pandemic before buying cars and a home and investing in cryptocurrency. Vinicius Santana, 34, was arrested Monday at Miami International Airport, not far from where he...

Cryptomining Poised to Take a Hit in This State

Landmark environmental measure slowing down operations passes New York state Legislature

(Newser) - A milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations burning fossil fuels in New York has passed the state Legislature. The closely watched bill approved Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil...

Ethics Panel Opens Cawthorn Investigation

Scope includes allegation about 'Let's Go Brandon' crypto coin

(Newser) - The House Ethics Committee said Monday it's beginning an investigation of Rep. Madison Cawthorn, the Republican freshman whose reelection bid was derailed last week when he lost his North Carolina primary . The panel is looking into whether Cawthorn broke any rules by promoting a cryptocurrency in which he might...

Luna's Inventor Mocked Critics, and 'Lunatics' Lost Everything

Do Kwon built a faithful following despite critics' doubts about Luna's underpinnings

(Newser) - In April, Do Kwon—founder of Terraform Labs— tweeted a picture of his newborn daughter with the message, "My dearest creation named after my dearest invention," Luna cryptocurrency. On May 13, less than a month later, he tweeted, "I am heartbroken about the pain my invention has...

Coinbase to Users: You Could Lose It All if We Go Bankrupt

But the company's CEO says there's 'no risk' of crypto exchange going bankrupt

(Newser) - Coinbase, America's largest cryptocurrency exchange, holds around $256 billion in cryptocurrencies and traditional currencies—and it alarmed some users this week when it warned that those holdings could be lost if the company files for bankruptcy. The company said "the crypto assets we hold in custody on behalf...

FBI Points Finger at Well-Known Group for Huge Crypto Heist

N. Korea's Lazarus, tied to 2014 Sony Pictures breach, is believed to be behind theft

(Newser) - Update: It's a hack the BBC calls "likely one of the biggest ever to hit the crypto world," and US officials say it looks Lazarus was behind it. That's the hacker group thought to be controlled by North Korea's main intelligence agency and believed to...

'Justice Served' in Crypto Expert's North Korea Case

Virgil Griffith gets 5 years behind bars after presenting at crypto conference in Pyongyang

(Newser) - Update: It's more than five years behind bars for Virgil Griffith, the hacker accused of helping North Korea evade US sanctions with his cryptocurrency tips. NBC News reports the 39-year-old received a 63-month prison sentence on Tuesday after pleading guilty last year to conspiracy; he admitted to presenting at...

Cops: 'Ethical Hacker' Was Anything But

Aaron Motta of Florida accused of robbing customer of nearly $600K in cryptocurrency

(Newser) - Police say a tech expert listed as a "certified ethical hacker" on LinkedIn fell a wee bit short in the ethics department while working with a senior citizen. The Clearwater Police Department says 27-year-old Aaron Daniel Motta robbed nearly $600,000 in cryptocurrency from a customer who hired Motta...

Young Crypto Billionaire: I'm Giving Away Most of My Money
He's 30, Worth $24B, Drives
a Corolla, Sleeps in a Beanbag
in case you missed it

He's 30, Worth $24B, Drives a Corolla, Sleeps in a Beanbag

'I don't want a yacht,' crypto CEO Sam Bankman-Fried says of plan to give away most of his money

(Newser) - Sam Bankman-Fried wants FTX, the Bahamas-based cryptocurrency exchange he co-founded, to become the "biggest source of financial transactions in the world." In the meantime, he has a plan for the fortune he's already raking in: He wants to give most of it away. The 30-year-old tech entrepreneur,...

Online Game Hit by Massive Crypto Heist

'Axie Infinity' says $615M was taken after criminals compromised blockchain bridge

(Newser) - A popular online game says it is "here to stay" despite one of the biggest cryptocurrency thefts on record. Vietnamese studio Sky Mavis says hackers drained cryptocurrency worth more than $600 million from the "bridge" that allows Axie Infinity players to exchange other cryptocurrencies for in-game currency or...

A Crypto Giant Worries About Its 'Dystopian Potential'
He May Be a
Financial Titan
Like No Other

He May Be a Financial Titan Like No Other

Cryptocurrency giant Vitalik Buterin, who eschews power and riches, is profiled in 'Time'

(Newser) - Bitcoin is the king of cryptocurrency, and its founder is thought to be a mysterious figure who goes by the name of Satoshi Nakamoto . Ether is the second-biggest cryptocurrency, but less mystery surrounds its founder: Meet 28-year-old Vitalik Buterin, subject of a lengthy, fascinating interview and profile at Time . He...

Biden Cryptocurrency Order Seen as 'Watershed Moment'

It's 'as close to an embrace of crypto as you could have hoped for,' analyst says

(Newser) - The price of bitcoin surged Wednesday as President Biden signed an executive order on cryptocurrencies that the White House described as the first "whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets." In a statement , the White House, noting that an estimated 40...

Out of Crypto, a 'Particularly Dangerous' Addiction

Investors are increasingly seeking out therapists, who say crypto addicts are akin to gambling addicts

(Newser) - If you follow the roller-coaster ride that is Bitcoin, Ethereum, and other forms of cryptocurrency, you're familiar with the feelings that go along with that habit, especially if you're an investor. And they're not always pleasant feelings, according to mental health experts who say they're seeing...

Feds Seize Mind-Boggling Sum After Crypto Hack

It's the largest seizure of funds in DOJ history

(Newser) - In 2016 around $71 million in bitcoin was stolen when the Bitfinex cryptocurrency exchange was hacked—and its value today is now around $4.5 billion. Federal investigators say they have now recovered $3.6 billion of that current value, the largest seizure of funds in Justice Department history, and...

Matt Damon Takes His Lumps on South Park

Matt Damon
Takes His
Lumps on
South Park
in case you missed it

Matt Damon Takes His Lumps on South Park

Show skewers him for his advocacy of cryptocurrency

(Newser) - The first episode of the 25th season of South Park is not kind to Matt Damon. As the The Hollywood Reporter notes, Cartman and the gang make the actor the butt of a running joke over his advocacy of cryptocurrency. The hook is this commercial that Damon made for Crypto....

McDonald's Accidentally Creates a Crypto Coin

Mention of 'grimacecoin' does the trick

(Newser) - Life in the world of cryptocurrency: A tweet about one joke coin that evolved into a real one has inadvertently created a second joke coin that has done the same thing. It's all thanks to McDonald's and Elon Musk. On Tuesday, Musk issued a request to McDonald's...

Melania Trump's Hat 'Collateral Damage' of Crypto Crash

Former first lady didn't scoop up as many tokens as hoped in auction of hat worn to greet Macron

(Newser) - The crisp white Herve Pierre hat that Melania Trump wore to greet French President Emmanuel Macron and his wife at the White House in April 2018 went up on the auction block this month—along with a watercolor and NFT showing her wearing it—in the hopes that the entire...

Elon Musk Has an Offer for McDonald's

It involves dogecoin and a Happy Meal

(Newser) - Elon Musk is again touting dogecoin , this time calling on McDonald's to accept the cryptocurrency for payment. "I will eat a happy meal on tv if @McDonalds accepts Dogecoin," the billionaire Tesla and SpaceX founder tweeted Tuesday, per the Wall Street Journal . Hours earlier, McDonald's had...

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